Kodiak Oil to acquire Williston Basin assets

TessStynes

Kodiak Oil & Gas Corp.
KOG, +4.03%
agreed to acquire producing properties and undeveloped leaseholds in North Dakota from a private seller for $235 million, expanding the exploration and development company's presence in the Williston Basin in North Dakota.

Under the deal, expected to close late next month, Kodiak will acquire 13,500 net mineral acres with estimated net oil and gas production of about 3,000 barrels of oil equivalent per day. The transaction also includes certain equipment and gas pipeline connection facilities.

The move expands its presence in the Williston basin, whose core areas include North Dakota and Montana, to 110,000 net acres.

The acreage is located just north of the company's Koala Project in the Bakken Shale region, also in North Dakota.

The company in August reported that its second-quarter profit surged to $14 million from $621,000 a year earlier as revenue more than tripled.

Shares closed Tuesday at $5.76 and were inactive premarket. The stock is up 73% in the past year.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information. Intraday data
delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc.
All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More
information on NASDAQ traded symbols and their current financial status. Intraday
data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM)
from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is
at least 60-minutes delayed. All quotes are in local exchange time.